Lido Developer MixBytes Announces DeFi Pledge Service to Halt Plans on Polkadot and Kusama on August 1st

03/29/2023 11:07 • Tech Ticker • 114 views

According to a blog post by Lido developer MixBytes, the DeFi pledge service Lido will stop its pledge plans on Polkadot and Kusama on August 1st. Polkadot and Kusama no longer accept deposits, and all assets will be automatically pledged on June 22. The official termination date is August 1st. Currently, there are a total of $4 million worth of DOT tokens and $75000 worth of KSMs on Lido.

Lido will discontinue its pledge plans on Polkadot and Kusama on August 1st

As of June 22, Polkadot and Kusama will no longer accept deposits, and all assets will be automatically pledged. Consequently, Lido will cease its pledge services on August 1st, as announced by Lido developer MixBytes. Currently, Lido holds a total of $4 million worth of DOT tokens and $75,000 worth of KSMs.

Lido’s Pledge Plans on Polkadot and Kusama to End on August 1st

Overview

– MixBytes, the Lido developer, announced the halt of its pledge services on Polkadot and Kusama on August 1st.
– The pledge services will end after automatic pledging taking place on June 22nd.
– All assets will be automatically pledged on Polkadot and Kusama before August 1st.

Why the Halt?

– Polkadot and Kusama will no longer accept deposits from Lido.
– MixBytes made the decision to stop the pledge services in light of Polkadot and Kusama’s announcement.

What Happens Next?

– After August 1st, Lido will no longer have any pledge services on Polkadot and Kusama.
– Lido will continue to offer pledge services on other blockchain platforms.

The Impact of the Halt on Lido

Declining Assets

– Lido currently holds $4 million worth of DOT tokens and $75000 worth of KSMs on Polkadot and Kusama, which will no longer be available for pledging after August 1st.
– Lido’s assets may decline after the halt of pledge services on the two platforms.

Remaining Pledge Services

– Lido will continue to offer pledge services on other blockchain platforms.
– However, the halt on Polkadot and Kusama may impact the company’s overall pledged assets.

Conclusion

MixBytes, the developer of Lido, announced the end of its pledge services on Polkadot and Kusama on August 1st. This decision comes after Polkadot and Kusama’s announcement that they will no longer accept deposits from Lido. The company currently holds $4 million worth of DOT tokens and $75000 worth of KSMs on the platforms. Lido is expected to continue providing pledge services on other blockchain platforms.

FAQs

1. What is Lido’s pledge service?
– Lido’s pledge service allows users to lock their assets into the Lido network to earn staking rewards.
2. What other blockchain platforms does Lido provide pledge services on?
– Lido provides pledge services on Ethereum, Binance Smart Chain, and Terra.
3. Will Lido’s assets decrease after the halt of pledge services on Polkadot and Kusama?
– The halt of pledge services on Polkadot and Kusama may impact Lido’s overall pledged assets, but the company will continue to offer services on other platforms.

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